K-P surpasses revenue target by Rs6.7 billion

KPRA collects Rs41.77b against target of Rs35b in FY2023-24, reflecting YoY growth of 37%

PESHAWAR:

The Khyber-Pakhtunkhwa Revenue Authority (KPRA) has outperformed its revenue goals by collecting Rs41.77 billion against the Rs35 billion target assigned to it by the provincial government for the financial year 2023-24.

Despite the challenging economic situation, the authority has shown a 37% growth in fiscal year 2023-24 compared to the previous fiscal year 2022-23, when the total collection stood at Rs30.6 billion.

It is worth mentioning that KPRA’s revenue collection has increased fourfold in the past five years.

As per details shared by the KPRA media wing, the authority has collected Rs36 billion from sales tax on services, and Rs5.77 billion from the Infrastructure Development Cess (IDC).

The authority worked on broadening its tax net and took its registered taxpayers’ count to more than 22,800 by the end of this year, which also played a key role in the revenue collection growth.

Director General KPRA Fouzia Iqbal appreciated the efforts of the KPRA staff for achieving their targets. She thanked the Khyber-Pakhtunkhwa Chief Minister Sardar Ali Amin Gandapur and Advisor to CM on Finance Muzzammil Aslam for their support and guidance which helped the KPRA achieve its targets.

She also paid tribute to the taxpayers for their trust and compliance with KPRA.

“Taxpayers are our main stakeholders; we value and appreciate their support and contribution. Without their support and trust the target could not have been achieved. We expect the same level of compliance and assistance in the coming years and assure them full support from my team in making tax payments and its related matters easier for them,” she said.

She also lauded the tireless efforts of the KPRA team in surpassing the targets.

“It is a proud moment for all of us that we have not only achieved our targets but surpassed them with a staggering Rs6.7 billion. It all became possible due to the team effort,” she said, adding that they are determined to work with the same passion to achieve the goals assigned to KPRA for the year 2024-25.

“If we work with the same dedication and continue with the same approach then I am sure that we will surpass the next year’s target as well and will continue on our path towards making the Khyber Pakhtunkhwa self-reliant,” she said.

It may be recalled that government has decided to charge a fixed amount of sales tax on services from restaurants and wedding halls across the province. All these establishments will be registered and brought into the tax net as part of a new policy.

This was stated by the Advisor to Chief Minister on Finance Muzzammil Aslam at a consultative session on subordinate legislation under the Khyber-Pakhtunkhwa Sales Tax Act 2022 arranged by KPRA.